Market Overview:
The global medical devices market size was USD 432.23 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with medical devices witnessing a negative impact on the adoption rate across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of 3.7% in 2020 as compared to the average year-on-year growth during 2017-2019. The market is projected to grow from USD 455.34 billion in 2021 to USD 657.98 billion in 2028 at a CAGR of 5.4% in the 2021-2028 period. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
The medical devices market comprises of deals of medical gear or devices and related administrations by substances (associations, sole merchants and organizations) that produce medical hardware or devices which are utilized in the conclusion, therapy, and observing of medical circumstances. The medical gadget industry incorporates foundations that fabricate medical hardware or devices, for example, in-vitro indicative devices, analytic imaging gear, dental gear and supplies, ophthalmic devices, cardiovascular devices, emergency clinic supplies, and other medical devices.
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The approach of new innovation in the market is relied upon to expand interest in medical devices. Organizations like ABLE Motion are carrying in new developments into the area. For instance, this Barcelona-based organization was the world’s first producer of home-utilized mechanical exoskeletons for people with lower-appendage loss of motion. The battery-fueled, 8 kg exoskeleton has boundaries for brilliant gadget arrangements, taking into consideration actual specialists and doctors to remotely screen patients. Garwood Medical, a Buffalo, New York-based MedTech startup gives clinical results to diseases and wound recuperating. The organization’s scope of items incorporates the BioPrax, an insignificantly obtrusive gadget intended to forestall biofilm diseases on prosthetic knee inserts by utilizing terminals to forestall microorganism development. Signum Surgical, a Galway, Ireland-based MedTech startup, has created imaginative embed advancements to advance post-medical procedure mending and forestall contamination in colorectal patients. Later on, Signum Surgical desires to extend its scope of items to treat other colorectal sickness conditions.
LIST OF KEY COMPANIES PROFILED:
Medtronic (Dublin, Ireland)
Stryker (Kalamazoo, United States)
Fresenius SE & Co. KGaA (Bad Homburg, Germany)
Koninklijke Philips N.V. (Amsterdam, Netherlands)
Hoffmann-La Roche Ltd (Basel, Switzerland)
General Electric Company (Chicago, United States)
Siemens Healthineers AG (Munich, Germany)
BD (Franklin Lakes, United States)
Boston Scientific Corporation (Marlborough, United States)
Johnson & Johnson Services, Inc. (New Brunswick, United States)
Other Players
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Key Market Trends
Cardiovascular devices are utilized to analyze and treat coronary illness and related medical issues that are driving reasons for death around the world. There are three fundamental sorts of cardiology devices, specifically indicative and observing devices, remedial and careful devices. A portion of the generally utilized cardiovascular devices are electrocardiogram (ECG), defibrillators, pacemakers, heart mood the executives devices, catheter, joins, heart valves, and stents. The main considerations driving the development of the cardiology devices fragment are the rising worldwide commonness of different coronary heart illnesses, for example, stroke and cardiomyopathy, which cause a worldwide weight of cardiovascular passings.
As per the British Heart Foundation insights, in 2020, there was around 7.4 million populace living with heart and circulatory sicknesses in the United Kingdom. As per similar source, an expected 170,000 passings because of cardiovascular sicknesses have occurred every year in the United Kingdom. As indicated by an examination article by Xin Du et al., distributed in the Journal of the American College of Cardiology in June 2019, in China, the weight of cardiovascular (CV) illness is exceptionally high because of profoundly pervasive and inadequately controlled gamble factors coming about because of changing sociodemographic design and ways of life in its enormous populace.
Scope of the Report
According to the extent of the report, Medical gadget is any kind of instrument, device, apparatus, machine, embed, or some other related/comparable article, which is utilized for diagnosing, therapy checking, counteraction, or mitigation of illnesses.
The Medical Devices Market is Segmented by Type of Device (Respiratory Devices, Cardiology Devices, Orthopedic Devices, Diagnostic Imaging Devices (Radiology Devices), Endoscopy Devices, Ophthalmology Devices, and Other Devices) and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report likewise covers the assessed market sizes and patterns for 17 unique nations across significant districts, around the world. The report offers the worth (in USD million) for the above sections.
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Segmentation:
Type of Device
Respiratory Devices
Cardiology Devices
Orthopedic Devices
Diagnostic Imaging Devices (Radiology Devices)
Endoscopy Devices
Ophthalmology Devices
Other Devices
Geography
North America
Europe
Asia-Pacific
Middle East and Africa
South America
By End-User
Hospitals & ASC’s
Clinics
Others
Regional Analysis
North America Dominates the Market and is Expected to Continue the Same during the Forecast Period
The essential development driver of the medical devices market in the North American market is the higher venture of yearly incomes into item advancement and steady improvement of existing advances. Portable wellbeing and telemedicine have been filling in the United States, with an expanding pace of reception. The United States in the biggest market the North American area.
The medical devices area in the United States is a significant piece of the medical care industry. Also, the market has an extremely serious scene, with the presence of driving medical gadget market players, like Johnson and Johnson, Abbott, and Baxter International. As per the International Agency for Research on Cancer in 2020, around 2,281,658 new instances of malignant growth were analyzed in 2020, including 209,512 instances of prostate disease, 253,465 instances of bosom malignant growth, 227,875 instances of lung and bronchus disease, and 101,809 instances of colorectal malignant growth. Moreover, most of the medical gadget market players are little and medium-sized organizations with colossal advancements and upheld subsidizing.
The Indian healthcare framework keeps on being affected by parts of accessibility, reasonableness and nature of wellbeing administrations. Given these, India falls behind midpoints of BRIC Countries.
A vital area of worry for India is the extent of non-transferable sicknesses as would be considered normal to ascend in the following ten years. While the public authority and worth chain members have attempted a few stages to resolve the issues of medical care access, quality and moderateness, these have been executed in storehouses. In particular, while medical gadget organizations have zeroed in generally on expanding future and working on nature of care, there is a need to build reasonableness for an inescapable effect. The test in this manner for organizations in India is to deliver medical devices that are both expense serious and viable to expand entrance and use. It is in this setting that the Make in India drive becomes critical for the medical devices industry
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Competitive Landscape
The medical devices market is divided serious and comprises of various key part. Organizations, as Abbott Laboratories Inc, F. Hoffmann-La Roche Ltd, Philips Healthcare, Siemens Healthineers(Siemens AG), Stryker Corporation, Boston Scientific Corporation, Johnson and Johnson, Medtronic PLC, Smith and Nephew PLC, and GE Healthcare, among others, hold the significant offer in the market considered. A significant number of these organizations are attempted different methodologies to keep up with their piece of the pie. For instance, in October 2020, Medtronic PLC went into an association with The Foundry, a medical gadget organization. The organization joins Medtronic’s administration in Structural Heart and licensed innovation with The Foundry’s history of development in the field of transcatheter mitral valve fix and substitution.
KEY INDUSTRY DEVELOPMENTS:
January 2021 – Smith & Nephew partnered with Movemedical, a U.S based company, to expand its inventory automation solutions and improve customer experience.
January 2021 – Koninklijke Philips N.V. launched the abdominal aortic aneurysm (AAA) model, providing physicians a more patient-friendly solution compared to the current standard of care for managing AAA patients.
Table of Content- Medical Devices Market:
- Introduction
- Synthesis
- Market dynamics
- Key insights into market growth
- Global market analysis, insights and forecasts, 2017-2028
- North America Market Analysis, Insights & Forecasts, 2017-2028
- Analysis, insights and forecasts of the European market, 2017-2028
- Asia Pacific Market Analysis, Insights & Forecasts, 2017-2028
- Analysis, insights and forecasts of the Middle East and Africa market, 2017-2028
- Analysis, insights and forecasts of the Latin American market, 2017-2028
- Competitive landscape
- Global Revenue Growth Medical Devices Market, Industry Share Analysis, By Key Player, 2022
- Company profiles
- Conclusion
Continued…
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